Intel has named Lip-Bu Tan as its new CEO, three months after Pat Gelsinger’s departure. Tan, former CEO of Cadence and an Intel board member from 2022 to 2024, will assume the role on March 18th.
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While Intel officially cited Gelsinger’s retirement, reports indicated he was pushed out by the board due to a loss of confidence in his turnaround strategy. Gelsinger, a 30-year Intel veteran, had returned in 2021 to lead the company.
Tan succeeds interim co-CEOs David Zinsner and Michelle (MJ) Johnston Holthaus. Zinsner will remain Intel’s CFO, and Johnston Holthaus will continue as CEO of Intel Products.
“Intel has a powerful and differentiated computing platform, a vast customer installed base, and a robust manufacturing footprint,” Tan stated, expressing his eagerness to build upon Intel’s existing work.
Tan’s appointment follows a similar pattern to his time at Cadence, where he also transitioned from board member to CEO, more than doubling the company’s revenue.
The industry is now focused on Tan’s strategic direction: whether he will reaffirm Intel’s integrated manufacturing model, accelerate plans for a manufacturing spin-off, or consider selling off company divisions.
In his initial memo, Tan suggested a continued focus on both chip design and manufacturing: “Together, we will work hard to restore Intel’s position as a world-class products company, establish ourselves as a world-class foundry and delight our customers like never before.”
He also emphasized Intel’s commitment to being “an engineering-focused company” that “take[s] calculated risks to disrupt and leapfrog” in the future.
